WD Form 4: Director Ernest Freedman receives 1,097 restricted shares

Rhea-AI Filing Summary

Walker & Dunlop director Ernest Michael Freedman was granted 1,097 shares of restricted common stock on 09/11/2025 under the Walker & Dunlop, Inc. 2024 Equity Incentive Plan. The award was issued at no cash cost ($0 per share) and is reported as direct ownership of 1,097 shares following the grant. The restricted shares vest on May 1, 2026. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person on 09/15/2025.

Positive

• Alignment with shareholders: grant of restricted stock aligns the director's interests with shareholders through time-based vesting
• Clear disclosure: Form 4 specifies grant date, share amount, vesting date, and ownership form, meeting reporting requirements

Negative

• None.

Insights

Financial Analyst

TL;DR Routine director equity grant of 1,097 restricted shares, standard for compensation, limited immediate market impact.

The transaction is a non-cash equity grant recorded as direct ownership of 1,097 shares and will vest on May 1, 2026. Such awards are commonly used to align executives and directors with shareholders; because the grant size is modest relative to typical public-company float and no cash price was paid, it is unlikely to be material to Walker & Dunlop's near-term financials.

Corporate Governance Expert

TL;DR Standard restricted stock grant under the company equity plan; typical retention and alignment tool with time-based vesting.

This Form 4 reports a time-based restricted stock award under the 2024 Equity Incentive Plan vesting May 1, 2026. The direct ownership disclosure and clear vesting date meet Section 16 reporting expectations. No indications of 10b5-1 plan usage or extraordinary acceleration are present in the filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FREEDMAN ERNEST MICHAEL

(Last) (First) (Middle)

C/O WALKER & DUNLOP, INC.

7272 WISCONSIN AVENUE, SUITE 1300

(Street)

BETHESDA MD 20814

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Walker & Dunlop, Inc. [ WD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/11/2025		A		1,097(1)	A	$0	1,097	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of common stock granted to the reporting person, which are subject to the terms of the Walker & Dunlop, Inc. 2024 Equity Incentive Plan. The shares of restricted common stock will vest on May 1, 2026.

	/s/ Nicholas Eckstein, Attorney-in-fact	09/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Walker & Dunlop director Ernest Michael Freedman receive on 09/11/2025 (WD)?

He was granted 1,097 restricted shares of Walker & Dunlop common stock under the 2024 Equity Incentive Plan on 09/11/2025.

What is the cost to the reporting person for the granted shares in the Form 4 for WD?

The price reported is $0 per share, indicating a non-cash restricted stock grant.

When do the restricted shares granted to Ernest Michael Freedman vest?

The shares vest on May 1, 2026 according to the Form 4 explanation.

How many shares does Ernest Michael Freedman beneficially own after the reported transaction?

1,097 shares of common stock are reported as beneficially owned following the grant.

Was this Form 4 filing signed by the reporting person?

The form was signed by an attorney-in-fact, Nicholas Eckstein, on behalf of the reporting person on 09/15/2025.